China technology: Key takeaways from China AI PCB tour: AI upcycle intact, capacity and execution matter

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China technology: Key takeaways from China AI PCB tour: AI upcycle intact, capacity and execution matter

Asia Pacific Equity Research

12 July 2026

China technology

Key takeaways from China AI PCB tour: AI upcycle

intact, capacity and execution matter

We hosted a China PCB tour in the Greater Bay area this week, visiting Technology

several PCB equipment vendors and manufacturers, as well as an industry AC Cherry Liu

expert. Key takeaways included: 1) supply chain is optimistic on sustained AI (86-21) 6106-6200

PCB growth, supported by strong orders and multi-year visibility; 2) NVDA's ye.liu@jpmorgan.com

Vera Rubin PCB mass production is happening, while Kyber NLV144 rack SAC Registration Number: S1730521090001

architecture remains under testing with multiple solutions; 3) optical module Billy Feng

specification upgrades and potential adoption of CoWoP design are driving (86-21) 6106 6359

meaningful demand mSAP process; 4) domestic AI infrastructure buildout billy.feng@jpmorgan.com

could bring additional demand for high-end AI PCB from 2027; and, 5) CCL SAC Registration Number: S1730520030005

pricing pressure is bifurcating, with manageable price and supply for high-end Ri Xu

CCL, and severe pricing/shortage issue for low-end CCL. We remain positive (86-21) 6106 6318

ri.xu@jpmchase.com

on VGT’s leadership in AI PCB segment, with on track capacity expansion SAC Registration Number: S1730522100001

supporting mass-volume delivery. J.P. Morgan Securities (China) Company

Limited

• Market share follows quality volume delivery. NVDA’s Vera Rubin PCB

has been moving to mass production stage, with incumbent and new PCB

vendors participating in production. While initial allocation may be more

balanced, we do not view new supplier entry as automatic share loss for